LONG BEACH, Calif.--(BUSINESS WIRE)--Nov. 2, 2015--
Molina Healthcare, Inc. (NYSE: MOH) announced today that it has
completed the acquisition of Providence Human Services, LLC (PHS) and
Providence Community Services, LLC (PCS), formerly part of The
Providence Service Corporation (NASDAQ: PRSC), expanding Molina’s
capabilities in behavioral and mental health services. The two entities,
which will operate as a wholly owned subsidiary of Molina Healthcare
under the brand name PathwaysSM, represent one of the largest
national providers of accessible, outcome-based behavioral and mental
health services with 6,800 employees and operations in 23 states and the
District of Columbia.
“We are excited to welcome our PHS and PCS colleagues to Molina. The
acquisition expands our ability to more closely integrate our members’
physical and behavioral health benefits and manage care in a more
effective manner, while directly influencing outcomes for the better,”
said J. Mario Molina, M.D., president and chief executive officer of
Molina Healthcare. “Molina and Pathways share a common strategic vision
and philosophy, making them well aligned to focus on delivering quality
health care services to people receiving government assistance.”
PathwaysSM is headquartered in Fredericksburg, Virginia, with
additional offices throughout the country. More information about
PathwaysSM is available at pathwayshealth.com.
About Molina Healthcare, Inc.
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health
care services under the Medicaid and Medicare programs and through the
state insurance marketplaces. Through our locally operated health plans
in 11 states across the nation and in the Commonwealth of Puerto Rico,
Molina serves approximately 3.5 million members. Dr. C. David Molina
founded our company in 1980 as a provider organization serving
low-income families in Southern California. Today, we continue his
mission of providing high quality and cost-effective health care to
those who need it most. For more information about Molina Healthcare,
please visit our website at molinahealthcare.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains “forward-looking
statements” regarding the transaction between The Providence Service
Corporation and Molina Healthcare, Inc. All forward-looking statements
are based on current expectations that are subject to numerous risk
factors that could cause actual results to differ materially. Such risk
factors include, without limitation, risks related to: the ability of
Providence Human Services and Providence Community Services (together,
the “Acquired Companies”) to maintain relationships with customers and
employees following the closing of this transaction; the integration of
the operations and employees of the Acquired Companies’ businesses into
Molina Healthcare’s business; the retention and renewal of the Acquired
Companies’ business contracts; synergies from the proposed transaction;
and the Acquired Companies’ future financial condition and operating
results. Additional information regarding the risk factors to which
Molina Healthcare is subject is provided in greater detail in its
respective periodic reports and filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K. These
reports can be accessed under the investor relations tab of the Molina
Healthcare website or on the SEC’s website at sec.gov.
Given these risks and uncertainties, Molina Healthcare can give no
assurances that its forward-looking statements will prove to be
accurate, or that any other results or events projected or contemplated
by its forward-looking statements will in fact occur, and Molina
Healthcare cautions investors not to place undue reliance on these
statements. All forward-looking statements in this release represent
Molina Healthcare’s judgment as of the date hereof, and Molina
Healthcare disclaims any obligation to update any forward-looking
statements to conform the statement to actual results or changes in its
expectations that occur after the date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151102005822/en/
Source: Molina Healthcare, Inc.
Molina Healthcare, Inc.
Investor Relations
Juan José Orellana,
562-435-3666
or
Public Relations
Sunny Yu, 562-477-1608
